Two weeks ago, when industry officials met with the Consumer Financial Protection Bureau to discuss the agency’s proposals to reengineer how loan officers and brokers can make a living, it was a nightmare – a nightmare in the sense that few in attendance thought the agency understood the issues at hand. But since then, we’ve heard additional reports that CFPB officials want to do the right thing and level the playing field between depository LOs and nonbank LOs and brokers. We shall see. Today, Wednesday June 6, the CFPB has a follow-up teleconference with the 17 (small lender) participants that they met with two weeks ago. Participant comments on the compensation proposals are due in Washington early next week. Stay tuned.
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